Company News, Financial News

Revlon Reports ‘Material Weakness’

Disclosure sends shares tumbling.

Author Image

By: TOM BRANNA

Editor

Today, Revlon's shares fell sharply after warning that its delayed 10-K filing may reveal a “material weakness” in its financial reporting controls for year-end. It also reported a tough quarter, where sales slipped. Executives said the problem was caused by an issue with its SAP ERP software. It estimated the cost to fix it at about $54 million. The company said it intends to file its 10-K no later than March 29 and doesn’t expect that it will result in any changes to its financial results...

Continue reading this story and get 24/7 access to Happi for FREE


Already a subscriber? Sign in

Keep Up With Our Content. Subscribe To Happi Newsletters